Welcome to Live View – Take the tour to learn more
Start Tour
There is currently 1 person viewing this thread.
Sponsors of Futurity and owned by prominent racehorse owner John Dance.Ordered to cease trading by Financial Conduct Authority.
Show More
i think it was Warren Buffet who said "You can only see who has been swimming with no trunks on when the tide goes out". Very true.
The LCF guys went bust Jan 2019, arrested. No court case as yet
Like most of these wannabe's they can't resist the limelight and end up overpaying for horses to be part of the crowd at Tattersalls. Telling everyone how lovely the horse is and what a great family it's from. They're mostly clueless and get turned over by the agents who themselves have been seen to be bent as nine bob notes. If this indeed is what has taken place I have no sympathy whatsoever for the consequences.
last seen waiting for the bus to Northern Cyprus with 37 suitcases ..
Horton seemed to be doing quite well...can only assume the stable and stock will be sold off
Reading about this looks terrible. People have lost investments, can't pay back because money wasn't there in the 1st place. 100% a Ponzi scheme. I'm sure all involved with get long prison time.
Another to stay clear of is AMMO racing. Trying to get people invested in crypto horses, absolute maniacs. I would bet on their colours even if you gave me the money.
I wonder have many in the industry lost money in this con?
Not so much in news about it yet? the Mail have it but can't find much else apart from the Post,will be relying on Mr C to keep us up to speed 
https://www.fscs.org.uk/making-a-claim/failed-firms/
dozens of these companies go down every year - the FCA is almost as bad a regulator as the GC.
dozens of these companies go down every year - the FCA is almost as bad a regulator as the GC.
The previous head of the FCA was Andrew Bailey who was also a disaster so Johnson made him Governor of the Bank of England
Iam sure the " Opening Show " ( itv 9-30 Sat ) will be all over this. 
Didnt see itv racing today but I'm sure there was plenty mention of"friend of the show"....aye right!
In one way you would feel sorry for Horton in this but in another I'm sure he knew what he was letting himself in for seeing as everyone in the industry had a fair inkling what was going on
BMG to run at aintree on Thursday under the sole ownership of Bryan Drew
Who was the Governor at the Fed (USA) when banks imploded?
I think Paul Volcker was Chair at the Fed. He was succeeded by Alan Greenspan; Bernanke was the latter's successor. It was widely believed Mr Greenspan was the instigator of easy money/easy mortgage, and Mr Bernanke was his crony who facilitated his policies which led to the Banking Crisis.
Mr Alan Greenspan was knighted for his contribution to the Banking Crisis. How ironic!
Mr Alan Greenspan was knighted for his contribution to the Banking Crisis. How ironic!
Bravemansgame caught in the cross fire
seized as an asset like Labaik was?
seized as an asset like Labaik was?
I would not like to cross Paul Nicholls' path today. He must be steaming. Not the first or last big owner to implode though. I remember years ago, Oliver Sherwood had what looked like a superstar which won a valuable novice hurdle at Ascot by 20 lengths. It never ran again because of an ownership issue.
Well,if pumpkin or Drew just did this hoping it was allowed without consulting with the fca they could have bigger problems..
Seems a rather petty act by the FCA - half the value of an 8-y-old gelding isn't going to make much of a dent in what is presumably a debt involving tens of millions. Maybe they think he has a future at stud!
If it was your money he had scammed Anorak, would you want him and his friend's having jolly day out at Aintree with it?
Apparently his jockeys have had their cars that he sponsored repossessed. Numerous houses in Middleham that he bought for staff have been seized. There is also a story doing the rounds that he paid for Karl Burke's second yard and his equine swimming pool. It all came to light during the recent CS fuelled banking crisis led to some investor withdrawal requests which were not met.
If that's all true Tostidog then he deserves all he gets. I hope the staff haven't been asked to leave the houses.
Just don't understand how these things keep happening.
You could almost smell there was something not right about him.
The FCA is a joke.
Auditors?
You could almost smell there was something not right about him.
The FCA is a joke.
Auditors?
They keep happening because people are "greedy" for extra interest on their money.
Spot on Howard.. pretty sure these people did not have to invest their funds with him.. Am sure there is an old adage about if something is too good to be true....
Can't believe Burke would get involved with anything dodgy...
It took the Opening Show on ITV all of 30 seconds to gloss over its disgraced " Friend of the show ".
Indeed, GC. And for anyone who missed it, Matt Chapman told us that Paul Nicholls had told him that he had intended to run Hitman instead had Bravemansgame not been given the go ahead on Tuesday, and then it was too late when the courts intervened yesterday.
BMG will be sold to recoup money from the demise of Vertems. Hopefully, his present 1/2 owner could find backers for the other 1/2. I think he''' be worth quite a bit given the potential prize money he'd earn (shame not today), but King George and Gold Cup; there will be races in between these two principal races.
John Dance horses shrouded in growing uncertainty as more details emerge of FCA investigation
Leopardstown Sat 15 September 2018 Laurens with John Dance and Lucy Burke after winning The Coolmore Fastnet Rock Matron StakesPhoto.carolinenorris.ie
John Dance: joint-owner of Bravemansgame
Credit: Caroline Norris
The futures of horses owned by John Dance were cast into further uncertainty on Thursday after the scope of the investigation into his company, WealthTek LLP, by the Financial Conduct Authority (FCA) was made apparent to the BHA.
WealthTek, which also trades as Vertem Asset Management and Malloch Melville, was shut down last week after the FCA obtained a High Court order to place the business into special administration following the discovery of “serious regulatory and operational issues”.
Having liaised with the FCA, the BHA initially facilitated a solution to allow Bravemansgame to compete in the Aintree Bowl in the sole ownership of Bryan Drew with Dance removed as joint-owner. The BHA did not specify if the eight-year-old had been leased or sold to Drew, but said it was “satisfied” the horse would be in his ownership for the race.
The court order had been secured by the FCA last Thursday but was not presented to the BHA until Wednesday, at which point it is understood by the Racing Post that the BHA believed it could not allow Bravemansgame to compete with the FCA’s position laid out more fully. As such, the BHA took the decision to block Bravemansgame running, albeit with confusion remaining as to whether any of the other horses owned by Dance would be able to compete in the near future.
In an updated statement on the WealthTek investigation issued on Wednesday, the FCA said it had “taken various steps to protect consumers following serious regulatory and operational issues coming to light”.
Among the actions that can be taken by the FCA as part of investigations is an application to the court for assets to be frozen. The scope of what constitutes an asset that can be frozen is then interpreted by organisations presented with the court order.
Galopin Des Champs and Bravemansgame jump the last in the Gold Cup
Bravemansgame: unable to run in the Bowl at Aintree on Thursday
Credit: Ryan Pierse
Alongside Bravemansgame, Dance owns a number of horses in partnership with his wife, Jess, the majority of which are overseen by their private trainer James Horton, who is based at a rented property in Middleham while a state-of-the-art training facility at Manor House Farm is completed. As well as his own horses, Dance is patron of the Titanium Racing Club.
Reports emerged on Thursday that property and motor vehicles in Middleham potentially connected with Dance had been seized by authorities, but there was no indication that any bloodstock assets had been frozen as part of the investigation.
The forced withdrawal of Bravemansgame from the Aintree Bowl, which was won by Shishkin, was described as “bitterly disappointing” by Paul Nicholls. The champion trainer said he planned to reroute the King George VI Chase winner and Cheltenham Gold Cup runner-up to the Punchestown Gold Cup on April 26 if possible.
“Obviously [I am] disappointed by the course of events that led up to us not being able to run him but that’s out of my hands,” Nicholls told Betfair. “I can’t really say any more than that. It's just bitterly disappointing.”
Leopardstown Sat 15 September 2018 Laurens with John Dance and Lucy Burke after winning The Coolmore Fastnet Rock Matron StakesPhoto.carolinenorris.ie
John Dance: joint-owner of Bravemansgame
Credit: Caroline Norris
The futures of horses owned by John Dance were cast into further uncertainty on Thursday after the scope of the investigation into his company, WealthTek LLP, by the Financial Conduct Authority (FCA) was made apparent to the BHA.
WealthTek, which also trades as Vertem Asset Management and Malloch Melville, was shut down last week after the FCA obtained a High Court order to place the business into special administration following the discovery of “serious regulatory and operational issues”.
Having liaised with the FCA, the BHA initially facilitated a solution to allow Bravemansgame to compete in the Aintree Bowl in the sole ownership of Bryan Drew with Dance removed as joint-owner. The BHA did not specify if the eight-year-old had been leased or sold to Drew, but said it was “satisfied” the horse would be in his ownership for the race.
The court order had been secured by the FCA last Thursday but was not presented to the BHA until Wednesday, at which point it is understood by the Racing Post that the BHA believed it could not allow Bravemansgame to compete with the FCA’s position laid out more fully. As such, the BHA took the decision to block Bravemansgame running, albeit with confusion remaining as to whether any of the other horses owned by Dance would be able to compete in the near future.
In an updated statement on the WealthTek investigation issued on Wednesday, the FCA said it had “taken various steps to protect consumers following serious regulatory and operational issues coming to light”.
Among the actions that can be taken by the FCA as part of investigations is an application to the court for assets to be frozen. The scope of what constitutes an asset that can be frozen is then interpreted by organisations presented with the court order.
Galopin Des Champs and Bravemansgame jump the last in the Gold Cup
Bravemansgame: unable to run in the Bowl at Aintree on Thursday
Credit: Ryan Pierse
Alongside Bravemansgame, Dance owns a number of horses in partnership with his wife, Jess, the majority of which are overseen by their private trainer James Horton, who is based at a rented property in Middleham while a state-of-the-art training facility at Manor House Farm is completed. As well as his own horses, Dance is patron of the Titanium Racing Club.
Reports emerged on Thursday that property and motor vehicles in Middleham potentially connected with Dance had been seized by authorities, but there was no indication that any bloodstock assets had been frozen as part of the investigation.
The forced withdrawal of Bravemansgame from the Aintree Bowl, which was won by Shishkin, was described as “bitterly disappointing” by Paul Nicholls. The champion trainer said he planned to reroute the King George VI Chase winner and Cheltenham Gold Cup runner-up to the Punchestown Gold Cup on April 26 if possible.
“Obviously [I am] disappointed by the course of events that led up to us not being able to run him but that’s out of my hands,” Nicholls told Betfair. “I can’t really say any more than that. It's just bitterly disappointing.”
i really liked laurens and he came across ok , if a bit ' ramsden ' brash on tv . as some have hinted he was perfect for the itv crew ....but i've just seen a photo of him with his waistcoat where the bottom button is closed . no john, no. also his pocket square matches , or tries to , his tie . no , no no .....this i feel is important when judging a man under fire !!!!!!
The TV people will ignore him now
Just as the would ignore JP if he went skint
Insincerity……the planet is overloaded with it…..
Ms Cumani would you like to visit me in my end terraced ? Eh…….no !
Just as the would ignore JP if he went skint
Insincerity……the planet is overloaded with it…..
Ms Cumani would you like to visit me in my end terraced ? Eh…….no !
They aren't false friends though. It's entertainment and they are in our world of racing. So while they are there they are part of the show if they want to be. I think as regards the people JP has known through tv he would easily cope with being blanked.
Always came across as an arrogant bully with his freeloading backstabbing acolytes in tow .Oh how the mighty have fallen
Wunder if the trainer Mr Horton is still solvent
With no runners on the track
With no runners on the track
Looks as though there's just over 80 million of investor's money gone missing according to the RP.
Brilliant, spending other people's money living the dream. Unbelievable really
Latest possible fraud charges too. An uncertain period for Mr Dunce, but an even more stressful and financially negative one for his investors.
Zero chance of Mr Dunce at Epsom unless in incognito eg burkha. Even this will raise suspicion given warm weather predicted.
Zero chance of Mr Dunce at Epsom unless in incognito eg burkha. Even this will raise suspicion given warm weather predicted.
I think he bought a fair amount of property over the last few years, a few will also be made homeless
Seems the shortfall was made up of
£70 mill assets not found
£10 mill cash missing
Where were the AUDITORS?
£70 mill assets not found
£10 mill cash missing
Where were the AUDITORS?
Wonder how many fellow owners/trainers /jockeys he has befriended and persuaded to "invest". Would be ironic IF trainers and jocks he employed where caught up in this i.e employed by Dance with their own monies!??
A £300,000 gns purchase running(debut) in the next @ Carlisle.
I've just finished the madoff series on netflix. The SEC couldn't even figure out that he was running a simple ponzi for multiple years. Worth double digit $billion. Some of the people lucky enough to have withdrawn more from the ponzi than they put in, had to pay the profit back, to help compensate those who lost!
It was as simple as people invested, but it was kept in a bank account, and the people who withdraw were paid out of the same account. It never bought a single share, but **** up documents and software to make it look like they had, based on the previous days trades. Quite astonishing as the derivatives he was claiming to trade had more value than the entire value of derivatives traded. Even then, the SEC turned a blind eye. Essentially a simple confidence trickster, and this chap was probably similar.
It was as simple as people invested, but it was kept in a bank account, and the people who withdraw were paid out of the same account. It never bought a single share, but **** up documents and software to make it look like they had, based on the previous days trades. Quite astonishing as the derivatives he was claiming to trade had more value than the entire value of derivatives traded. Even then, the SEC turned a blind eye. Essentially a simple confidence trickster, and this chap was probably similar.
Many of you are speculating and convicting before an investigation has even been completed for a comparatively paltry sum sum of money.As said previously,god help anyone reliant on a jury of peers drawn from here!!
The regulator has obtained a worldwide order to freeze assets belonging to Dance up to the value of £40mn with the aim of preserving assets which may be potentially available for distribution or confiscation upon the conclusion of any civil or criminal proceedings brought by the FCA.
The FCA said the order restrains and prevents Dance from dissipating any of his identified assets, it does not preclude him from claiming "reasonable living expenses or from continuing to operate his horse business or any other existing business unrelated to the matters featured in the proceedings brought by the FCA to date".
According to the regulator it is working closely with the joint special administrators and is aware of the potential shortfall of £81.4mn in client assets and money associated with WealthTek as of April 6 2023.
The FCA said the order restrains and prevents Dance from dissipating any of his identified assets, it does not preclude him from claiming "reasonable living expenses or from continuing to operate his horse business or any other existing business unrelated to the matters featured in the proceedings brought by the FCA to date".
According to the regulator it is working closely with the joint special administrators and is aware of the potential shortfall of £81.4mn in client assets and money associated with WealthTek as of April 6 2023.
You stated Madoff was running a "Simple Ponzi" scheme so I take your views with a pinch of salt here cider but have you missed the "Simple" rules of evidence in English Law?
It was a simple ponzi. Most ponzi schemes over the years have involved the recipients investing (and spunking it). Madoff literally held a single bank account with debits and credits. Not that I need to explain my opinions to you.
I have not said that Dance is guilty of anything. If you are familiar with English language, you ought to know that probably is not the same as definitely. Given the information in the public domain, 'probably' is a reasonable interpretation. Likely, if you prefer.
I have not said that Dance is guilty of anything. If you are familiar with English language, you ought to know that probably is not the same as definitely. Given the information in the public domain, 'probably' is a reasonable interpretation. Likely, if you prefer.
Keep digging cider,Madoff was far from simple,neither was his "scheme" but then I never relied on Netflix for my sources!!
Explain why you think he got away with so much for so long cider and why it and he were simple then I may grace you with an answer befitting an intelligent person?
A simple fact is that you have taken my assertion that "Many of you" meant you personally?
A simple fact is that you have taken my assertion that "Many of you" meant you personally?
I recognise your posting style all right. Deflecting away from a 'simple' question.
Which element of it was beyond simple for you?
Which element of it was beyond simple for you?
No deflection Cider,you made the challenge but fail to justify?
Why?
Why?
Everything might seem obvious and simple after an event,portrayed by Netflix for low intellect particularly so to help those struggling with facts.
Is that your problem Cider?
Is that your problem Cider?
I don't have a problem, you made a claim '"Madoff was far from simple,neither was his "scheme"' (sic) and I'm asking you to tangibly back it up. Evidently something that you are struggling to achieve. In any case, if have not watched the recent Netflix series about the scandal, how can you have an opinion on the content? If you have, you're a hypocrite. Either way, I'm sure anyone reading the thread will be as bored of you as I am already, so I'm out.
Another one bites the dust Cider?
Run away when you are challenged that your source is Netflix,not unusual among your ilk,ignore facts you do not like and deflect?
It is what you accused me of when simply questioning you?
No wonder AI seems dangerous among your ilk!!
Run away when you are challenged that your source is Netflix,not unusual among your ilk,ignore facts you do not like and deflect?
It is what you accused me of when simply questioning you?
No wonder AI seems dangerous among your ilk!!
2011 hrs "I've just finished the madoff series on netflix" Note the absence of initial Capitals Cider and yet you question my knowledge of English?
It actually was a simple enough Ponzi scheme. He had legit business's and people thought he was front running the market and that's how he was getting the returns.
The money was deposited into one bank account and he had a daily running that was the rec back the bank account.
The money was deposited into one bank account and he had a daily running that was the rec back the bank account.
No difference either way tbh,the BF Forum being better qualified than US agents of all stripes and graduates of top Uni's with Doctorates in economics ,math and accountancy?
Why even a doubt that Netflix proved it was all simple?
Why even a doubt that Netflix proved it was all simple?
Madoof
Not a clue about Dance.
Though Dance must have had a unique USP to get investors invested initially.
Madoof's was that he was a market maker with Electronic trading and was front running the market.
For most millionaires, they will answer any question apart from "how did you earn your first million"
Not a clue about Dance.
Though Dance must have had a unique USP to get investors invested initially.
Madoof's was that he was a market maker with Electronic trading and was front running the market.
For most millionaires, they will answer any question apart from "how did you earn your first million"
Hindsight is 20/20 for everything.
But most things can be explained away to an auditor, FSA is a hard, CBI is tricky, you don't want to have BaFin on your case.
They will take your pants down and play a tune. Typical Germans!
But most things can be explained away to an auditor, FSA is a hard, CBI is tricky, you don't want to have BaFin on your case.
They will take your pants down and play a tune. Typical Germans!
In Law the term "Evidence" is used to indicate the means by which any fact or point in issue or question may be proved or disproved in a manner complying with the Legal rules governing the subject.
He who alleges a fact must prove it.
Nothing shall be admitted in evidence that does not immediately prove or disprove any fact or point in issue or question.
That above is sacrosanct in English Law and irrebuttable,either that or my Tutors got it wrong!!!
There is no evidence that John Dance has committed any crime or was party to any crime so why the rush to find him guilty and convict him was my original point?
A jury of peers from here?
He who alleges a fact must prove it.
Nothing shall be admitted in evidence that does not immediately prove or disprove any fact or point in issue or question.
That above is sacrosanct in English Law and irrebuttable,either that or my Tutors got it wrong!!!
There is no evidence that John Dance has committed any crime or was party to any crime so why the rush to find him guilty and convict him was my original point?
A jury of peers from here?
"There is no evidence that John Dance has committed any crime or was party to any crime".
Its just that minor point of the "paltry sum" of £80 Million plus gone missing from companies hes head of whilst hes spending money buying stables & racehorses like its gone out of fashion.
Probably just a coincidence then or an accounting error for the black hole.
Try telling the investors with his companies its a paltry sum .Many will have lifetime savings/pension funds running round racetracks without any hope of recovering their investment.
Its just that minor point of the "paltry sum" of £80 Million plus gone missing from companies hes head of whilst hes spending money buying stables & racehorses like its gone out of fashion.
Probably just a coincidence then or an accounting error for the black hole.
Try telling the investors with his companies its a paltry sum .Many will have lifetime savings/pension funds running round racetracks without any hope of recovering their investment.
Does anyone know how Dance got his lucky break to start with so that hundreds of millions were placed with him.
He must have done something right at the very start.
Or what is the mix of company's/people that have lost out..... Big pension firms or ordinary joe's?
He must have done something right at the very start.
Or what is the mix of company's/people that have lost out..... Big pension firms or ordinary joe's?
Home
News
Britain
John Dance accused of overseeing 'one of the largest frauds perpetrated by an FCA regulated individual'
Civil proceedings against John Dance are to be paused to prioritise a criminal investigation
Civil proceedings against John Dance are to be paused to prioritise a criminal investigation
Credit: John Grossick (racingpost.com/photos)
The Financial Conduct Authority (FCA) has alleged that well-known racehorse owner John Dance oversaw “one of the largest frauds perpetrated by an FCA regulated individual at an authorised firm” after successfully arguing in court for civil proceedings to be paused to prioritise a criminal investigation.
In April last year, Dance’s firm WealthTek LLP, which also traded as Vertem Asset Management and Malloch Melville, was shut down by the City regulator after the discovery of “serious regulatory and operational issues”.
Dance’s assets were subjected to a £40 million worldwide freezing order with special administrators appointed by the High Court subsequently revealing there was an £80.4m shortfall in client funds.
In November last year, the freezing order against Dance was upgraded to a restraint order under the Proceeds of Crime Act. In January, the FCA applied for the civil investigation into potential regulatory breaches relating to client funds and custody assets be delayed to allow its investigation into the potential criminal offences of fraud and money laundering to be prioritised.
On Friday, Judge Baumgartner found in favour of the FCA, stating “the criminal investigation being pursued by the FCA should take priority over the High Court proceedings with a view to the FCA making a charging decision within the 12-month stay”.
As part of the written decision, the judge published a summary of the evidence provided by the FCA, including witness statements provided by FCA manager Anthony Williams.
Bravemansgame (far) was among the horses to have raced in John Dance's colours
Bravemansgame (far) was among the horses to have raced in John Dance's colours
Credit: John Grossick
Williams said the FCA’s investigation had found that alongside the shortfall in client funds, there had been “an increase of about £25.6m in the sums flowing from WealthTek to Mr Dance, taking the total to about £49m” and the discovery of alleged “earlier misconduct” with “suspicious flows of client money and assets of about £21 million from WealthTek to Mr Dance in the period between 2014 and 2020”.
As a result of its investigation, Williams said the FCA considered Dance’s actions as potentially “one of the largest frauds perpetrated by an FCA regulated individual at an authorised firm”.
The FCA also told the judge it had “reasonable grounds” to suspect Dance had misrepresented how client money was held, what permissions he had to invest client capital, and that he had transferred significant sums of money to his personal bank accounts “and to companies and other entities with which he is closely associated”.
Dance has not spoken publicly since WealthTek was closed in April. In the judge’s decision, the FCA said Dance had not given any indication of what his defence might be to the allegations of "receiving and diverting tens of millions of pounds of client money to his personal bank accounts and the apparent forgery of a letter setting out his FCA permissions”.
In a statement released on Friday, the FCA said: "The investigation into suspected criminal offences in respect of WealthTek LLP and Mr Dance continues. Progress in that investigation has led us to focus our resources on the suspected criminal offences. The option to restart our civil case remains open to the FCA.
"The restraint order for Mr Dance remains in place. The purpose of the order is to preserve assets and make them available for a future confiscation order, which can only be made following a criminal conviction. The special administration ordered by the High Court also remains.
"The BHA remains responsible for matters relating to Mr Dance’s participation in horseracing activities."
Before the FCA's intervention, Dance was a significant owner, breeder and sponsor in racing. Among the horses to carry his colours were six-time Group 1 winner Laurens and Bravemansgame, who won the 2022 King George VI Chase and finished second in last year's Cheltenham Gold Cup.
News
Britain
John Dance accused of overseeing 'one of the largest frauds perpetrated by an FCA regulated individual'
Civil proceedings against John Dance are to be paused to prioritise a criminal investigation
Civil proceedings against John Dance are to be paused to prioritise a criminal investigation
Credit: John Grossick (racingpost.com/photos)
The Financial Conduct Authority (FCA) has alleged that well-known racehorse owner John Dance oversaw “one of the largest frauds perpetrated by an FCA regulated individual at an authorised firm” after successfully arguing in court for civil proceedings to be paused to prioritise a criminal investigation.
In April last year, Dance’s firm WealthTek LLP, which also traded as Vertem Asset Management and Malloch Melville, was shut down by the City regulator after the discovery of “serious regulatory and operational issues”.
Dance’s assets were subjected to a £40 million worldwide freezing order with special administrators appointed by the High Court subsequently revealing there was an £80.4m shortfall in client funds.
In November last year, the freezing order against Dance was upgraded to a restraint order under the Proceeds of Crime Act. In January, the FCA applied for the civil investigation into potential regulatory breaches relating to client funds and custody assets be delayed to allow its investigation into the potential criminal offences of fraud and money laundering to be prioritised.
On Friday, Judge Baumgartner found in favour of the FCA, stating “the criminal investigation being pursued by the FCA should take priority over the High Court proceedings with a view to the FCA making a charging decision within the 12-month stay”.
As part of the written decision, the judge published a summary of the evidence provided by the FCA, including witness statements provided by FCA manager Anthony Williams.
Bravemansgame (far) was among the horses to have raced in John Dance's colours
Bravemansgame (far) was among the horses to have raced in John Dance's colours
Credit: John Grossick
Williams said the FCA’s investigation had found that alongside the shortfall in client funds, there had been “an increase of about £25.6m in the sums flowing from WealthTek to Mr Dance, taking the total to about £49m” and the discovery of alleged “earlier misconduct” with “suspicious flows of client money and assets of about £21 million from WealthTek to Mr Dance in the period between 2014 and 2020”.
As a result of its investigation, Williams said the FCA considered Dance’s actions as potentially “one of the largest frauds perpetrated by an FCA regulated individual at an authorised firm”.
The FCA also told the judge it had “reasonable grounds” to suspect Dance had misrepresented how client money was held, what permissions he had to invest client capital, and that he had transferred significant sums of money to his personal bank accounts “and to companies and other entities with which he is closely associated”.
Dance has not spoken publicly since WealthTek was closed in April. In the judge’s decision, the FCA said Dance had not given any indication of what his defence might be to the allegations of "receiving and diverting tens of millions of pounds of client money to his personal bank accounts and the apparent forgery of a letter setting out his FCA permissions”.
In a statement released on Friday, the FCA said: "The investigation into suspected criminal offences in respect of WealthTek LLP and Mr Dance continues. Progress in that investigation has led us to focus our resources on the suspected criminal offences. The option to restart our civil case remains open to the FCA.
"The restraint order for Mr Dance remains in place. The purpose of the order is to preserve assets and make them available for a future confiscation order, which can only be made following a criminal conviction. The special administration ordered by the High Court also remains.
"The BHA remains responsible for matters relating to Mr Dance’s participation in horseracing activities."
Before the FCA's intervention, Dance was a significant owner, breeder and sponsor in racing. Among the horses to carry his colours were six-time Group 1 winner Laurens and Bravemansgame, who won the 2022 King George VI Chase and finished second in last year's Cheltenham Gold Cup.
.https://www.fca.org.uk/about/what-we-do/protecting-consumers
Protecting consumers
First published: 18/04/2016 Last updated: 13/12/2023 See all updates
How we protect consumers from harm caused by bad conduct in financial services.
From bank accounts to mortgages, credit cards, loans, savings, pensions and investments, virtually every adult in the UK is a consumer of financial services.
One of our operational objectives is to use our powers over firms and markets to protect consumers.
We work to secure an appropriate level of protection, and we adapt our approach based on the type of risk and potential harm, for example, to individuals in vulnerable circumstances who may be at greater risk.
Consumer Duty
Our Consumer Duty sets a higher standard of consumer protection in financial services.
This means consumers should expect:
the support they need, when they need it
communications they understand
products and services that meet their needs and offer fair value
From 31 July 2023, all products and services on sale in retail markets must deliver the outcomes set by the Duty. The same applies to older products that aren’t on sale anymore from 31 July 2024.
Monitoring firms
We monitor which firms and individuals can enter the financial markets, making sure they meet our standards before we authorise them.
Firms must continue to meet these standards after we’ve authorised them, and we supervise how they work to make sure they do. If we find that firms aren’t following our rules, we act. This may mean imposing fines, stopping them from trading or securing compensation for consumers.
wtf has happened here then?
WealthTek is FCA-authorised and provides discretionary, advisory and execution-only services to retail customers
Protecting consumers
First published: 18/04/2016 Last updated: 13/12/2023 See all updates
How we protect consumers from harm caused by bad conduct in financial services.
From bank accounts to mortgages, credit cards, loans, savings, pensions and investments, virtually every adult in the UK is a consumer of financial services.
One of our operational objectives is to use our powers over firms and markets to protect consumers.
We work to secure an appropriate level of protection, and we adapt our approach based on the type of risk and potential harm, for example, to individuals in vulnerable circumstances who may be at greater risk.
Consumer Duty
Our Consumer Duty sets a higher standard of consumer protection in financial services.
This means consumers should expect:
the support they need, when they need it
communications they understand
products and services that meet their needs and offer fair value
From 31 July 2023, all products and services on sale in retail markets must deliver the outcomes set by the Duty. The same applies to older products that aren’t on sale anymore from 31 July 2024.
Monitoring firms
We monitor which firms and individuals can enter the financial markets, making sure they meet our standards before we authorise them.
Firms must continue to meet these standards after we’ve authorised them, and we supervise how they work to make sure they do. If we find that firms aren’t following our rules, we act. This may mean imposing fines, stopping them from trading or securing compensation for consumers.
wtf has happened here then?
WealthTek is FCA-authorised and provides discretionary, advisory and execution-only services to retail customers
Doubtful ITV will be visiting him again……dreadful scenes
BDO’s latest report also detailed how it expects any proceeds from future civil or criminal proceedings brought by the Financial Conduct Authority against Mr Dance will be made available for those impacted by WealthTek’s breaking of regulatory rules. Within the report, BDO said: “Without waiving privilege, the joint special administrators (JSAs) have undertaken a funds flow analysis of circa 75 bank accounts previously operated by the LLP with a view to obtaining a better understanding of the inflow and outflow of funds. This involved the review of circa 52,000 transactions covering a period of over 12 years.
“This work has assisted both the client asset reconciliation and in developing the JSAs’ understanding of how the client asset shortfalls have arisen. Due to reasons of confidentiality and to avoid prejudicing any actions that the JSAs may identify against any third parties, the JSAs are unable to provide any further information in relation to the funds flow analysis at this time. This is normal market practice and in the best interests of clients and creditors.”
deary me
“This work has assisted both the client asset reconciliation and in developing the JSAs’ understanding of how the client asset shortfalls have arisen. Due to reasons of confidentiality and to avoid prejudicing any actions that the JSAs may identify against any third parties, the JSAs are unable to provide any further information in relation to the funds flow analysis at this time. This is normal market practice and in the best interests of clients and creditors.”
deary me
Dreadful thing greed, ruined many a person,and lives…
ITV racing were all over Dance like a rash. They’ll suck up to anyone with money, regardless of where it came from.
Maybe silly to judge by images but one real smug looking git and while it may now be aftertiming that visit from irritating Ed did not cause the viewer to endear oneself to him.
Ms Cumani paid a visit,doubtful they would give him a second glance now…..
It was always a mystery why people would put their funds into a 'one man band' type of outfit, as opposed to household names. I sense there is much more to this than is publicly available. So much of it doesn't make sense, if they were listed assets, how where they being traded. dividends distributed. withholding tax. stamp duty. I'm assuming they weren't wrapped assets.
was it primarily a washing machine for cash, and front of house execution only as cover? i look at a lot of finance 'stuff' on the web, and I have not come across anyone claiming to have had investments with this operation.
The guy is history. His name in horseracing UK is tarnished beyond reparation. Those who sucked up and lauded him with respectability and honourability were left with egg on their faces. He was a classic conman, and many in horseracing were fooled by him; wealth and money blind many.
This has happened so soon after the Pheonix Thoroughbred debacle.
This has happened so soon after the Pheonix Thoroughbred debacle.
A Day in the Life of John Dance
A day in the life of...John Dance, founder of Newcastle based boutique, Vertem Asset Management.
My day usually starts at around 6am, depending on whether two hungry Dobermans beat my alarm to the punch in waking the house up in the morning.
Once the dogs have been let in to the garden then – like many of my peers – the TV goes on and I catch up with the news around the world.
CNBC is the channel of choice at home and throughout the day in the office.
I will usually arrive in the office for around 7.30–8am, though my colleagues will testify that since the arrival of the aforementioned pooches, the ‘range’ has become more extreme at both ends.
First job is to check for any urgent overnight emails and take action where necessary. Then I start making my way through company announcements and market reports.
My colleague Gary Stockdale circulates a morning ‘observations’ email identifying interesting news from the day’s company updates and valuation opportunities. This frequently prompts a discussion with the relevant person covering any stock of particular interest and acts as a catalyst for further analysis.
We sit down together as an office, contest and discuss the stock notes we each circulate on a daily basis and make group decisions on whether they warrant inclusion or exclusion from portfolios.
We have similar discussions regarding asset allocation and the factors that influence it. While Gary and I carry the most sway in these types of decisions, we have a real collegiate approach and the whole team have influence in one way or another.
The way markets operate and act has changed greatly since I started in the industry and they evolve at an ever increasing pace.
Part of my time is spent evaluating our investment process and ensuring it also evolves to suit the way markets behave – never anything dramatic, just small tweaks and refinements that hopefully have helped us maintain performance.
Often, chunks of the day are sacrificed to either fund manager meetings or fund sales rep meetings.
The latter can be time-consuming but as we like to have a real feel for what is happening within the funds we hold, it is important to maintain good relationships to help facilitate information flow.
I find my email inbox an uncontrollable beast at times, most days will see 150+ emails and even allowing for spam and ‘too good to be true’ offers, there is quite some volume to make my way through.
News items and fund updates make up a large portion, but there is always a healthy dose of client queries and IFAs looking for investment proposals for new clients or those whose needs have changed.
I also have the business itself to run, software queries, developments, problems with custodians or wrapper providers, which always make untimely appearances and make doing any of the above from paragraph two onwards quite a stretch.
Thankfully, I have a wonderful team, who are very dependable and plug on with tasks when I don’t have time. A day in their lives would probably start and end with ‘carry John’…
.https://citywire.com/wealth-manager/news/a-day-in-the-life-of-john-dance/a831558
A day in the life of...John Dance, founder of Newcastle based boutique, Vertem Asset Management.
My day usually starts at around 6am, depending on whether two hungry Dobermans beat my alarm to the punch in waking the house up in the morning.
Once the dogs have been let in to the garden then – like many of my peers – the TV goes on and I catch up with the news around the world.
CNBC is the channel of choice at home and throughout the day in the office.
I will usually arrive in the office for around 7.30–8am, though my colleagues will testify that since the arrival of the aforementioned pooches, the ‘range’ has become more extreme at both ends.
First job is to check for any urgent overnight emails and take action where necessary. Then I start making my way through company announcements and market reports.
My colleague Gary Stockdale circulates a morning ‘observations’ email identifying interesting news from the day’s company updates and valuation opportunities. This frequently prompts a discussion with the relevant person covering any stock of particular interest and acts as a catalyst for further analysis.
We sit down together as an office, contest and discuss the stock notes we each circulate on a daily basis and make group decisions on whether they warrant inclusion or exclusion from portfolios.
We have similar discussions regarding asset allocation and the factors that influence it. While Gary and I carry the most sway in these types of decisions, we have a real collegiate approach and the whole team have influence in one way or another.
The way markets operate and act has changed greatly since I started in the industry and they evolve at an ever increasing pace.
Part of my time is spent evaluating our investment process and ensuring it also evolves to suit the way markets behave – never anything dramatic, just small tweaks and refinements that hopefully have helped us maintain performance.
Often, chunks of the day are sacrificed to either fund manager meetings or fund sales rep meetings.
The latter can be time-consuming but as we like to have a real feel for what is happening within the funds we hold, it is important to maintain good relationships to help facilitate information flow.
I find my email inbox an uncontrollable beast at times, most days will see 150+ emails and even allowing for spam and ‘too good to be true’ offers, there is quite some volume to make my way through.
News items and fund updates make up a large portion, but there is always a healthy dose of client queries and IFAs looking for investment proposals for new clients or those whose needs have changed.
I also have the business itself to run, software queries, developments, problems with custodians or wrapper providers, which always make untimely appearances and make doing any of the above from paragraph two onwards quite a stretch.
Thankfully, I have a wonderful team, who are very dependable and plug on with tasks when I don’t have time. A day in their lives would probably start and end with ‘carry John’…
.https://citywire.com/wealth-manager/news/a-day-in-the-life-of-john-dance/a831558
Post Your Reply
Please login to post a reply.
Wonder
Instance ID: 13539